The Co-operators to acquire G&F Insurance

The Co-operators has announced its intention to acquire G&F Financial Group’s general insurance assets and Autoplan appointment.

The deal is subject to regulatory approval and is expected to close June 30, 2012, reports The Co-operators, a Canadian-owned multi-product insurance company.

The Co-operators says the deal would increase its presence in British Columbia. The number of retail locations has tripled over the last 15 years.

Kathy Bardswick, president and CEO of The Co-operators, calls the deal a natural fit, adding that The Co-operators is pleased with the growth achieved in B.C.

For its part, G&F (Gulf and Fraser Fisherman’s Credit Union) will continue to provide life, disability, critical illness and credit insurance to members through G&F Insurance Services subsidiary.

G&F says the deal will help focus its energy and resources on growing membership and assets through full service banking and wealth management, as well as provide general insurance employees the opportunities afforded by a strong, national organization.

“We recognized that a strong general insurance offering would require a significant internal investment, which would exceed the revenue we could generate from the business,” says G&F co-CEO Bill Kiss.